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Date : Jan 5, 2009


I have taken a Home Loan from ICICI Bank Ltd., Pune in June-2006. Now I want to shift my housing loan from ICICI to other bank. The loan taking over bank is requesting for a letter from ICICI stating that on receipt of the full and final fore closure amount and other dues, ICICI should hand over the documents directly to the other bank representative and not to the customer. But ICICI is refusing for such a letter. Although it has emailed me a mail stating that in case of Balance Transfer, ICICI will hand over the documents directly to the other bank representative. However the mail hold no value to the other bank as it has no validity. I have requested ICICI many times for such a letter but all in vain. I would like to know whether ICICI's refusing to such a kind of letter, when other bank and Housing finance institutions are giving such a letter, is valid or not? If it is valid, how can I convince the taking over bank to consider this case and allow me to shift over the loan.


Most new lenders would take a power of attorney from you to pick up the documents from the exisiting lender, ICICI. However, they do run the risk of you going directly to the existing lender and picking up the documents yourself n the time between a full payment and release of the documents to your power of attorney holder. Most new lenders are okay with the arrangement even though it carries a risk element for them. It is unlikely that you can force ICICI to give you the letter that your gives. But you can try to complain about the issue to the Banking Ombusman on bankingombudsman.rbi.org.in.



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